If so, you've come to the right place! Our latest tool puts you in the driver's seat for determining how the nation's, and your own, fortunes would fare under such a system!
In the tool right here, all you need to do is enter the percentage income tax rate that would apply to all Americans, from Warren Buffett on down to his pool of non-amused secretaries, along with the value of a single tax credit, which would be provided to each individual American, again regardless of who they are.
After that, if you want to see how your or your family's income taxes might change as a result of your dramatic proposal, enter your household's total money income (whether you earned a salary, wages, capital gains, and/or dividends) and the number of individuals who would be covered by it (sorry, pets and other livestock need not apply!).
We used our model of the 2010 aggregate distribution of household total money income for the U.S. in generating the "how would the federal government do with your flat tax?" portion of the tool, along with the U.S. GDP for 2010, and the IRS' count of the number of exemptions reported on tax forms for 2009 (the most recent year this data is available.)
The rest was just simple math! (Trust us - you should see how the IRS does quadratic equations!)
In 2011, it took 72,536 pages to document the ins and outs of the U.S. tax code. We whipped our tool up yesterday afternoon. If you're into simple, this is about as simple as it gets.
Political Calculations is a site that develops, applies and presents both established and cutting edge theory to the topics of investing, business and economics.
Be the first to read Political Calculation's column. Sign up today and receive Townhall.com delivered each morning to your inbox.
In Other News: Can We Ask Al Qaeda for a Refund on the Bowe Bergdahl Prisoner Swap? | Michael Schaus